By Ruth Lythe
|
From missing money to black marks on your credit score, even house moves that fell through â€" here’s what you need to know...
WHEN A BANK WENTÂ INTO MELTDOWN
The crisis that hit customers at Royal Bank of Scotland was sparked by a technical glitch last Tuesday.
As the bank was installing a software update the computer system froze, stopping payments in and out of accounts on Wednesday. The problem happened again on Thursday.
Out of pocket: Margaret Jones, pictured with her grandson Caleb, is waiting for tens of thousands of pounds from the sale of her late mother-in-law's property
The bank announced the software was fixed at 3pm on Saturday, but by that time a backlog of 100 million transactions had built up.
Experts blame the problems on chronic staff shortages in the bank’s IT department.Â
RBS has laid off thousands of technology workers’ jobs in the past four years. Many of these positions have been replaced with roles based in India or the Far East.
A typical IT expert in those areas with more than five years’ experience would be typically paid just £9,000 a year. By contrast, someone doing a similar role in the UK would be paid up to £50,000.
Although it is understood the software fault developed in RBS’s IT headquarters in Edinburgh, computer experts say staff monitoring the equipment are based in Hyderabad in India.
WHY LIGHTNINGÂ COULD STRIKE TWICE
In theory there is nothing preventing a repeat at any of Britain’s biggest banks.
Computer experts s ay most computer systems are similar to those at RBS. Britain’s other major banks have also shed thousands of IT jobs over the past five years and sent them to India.
Bryan Glick, editor of technology magazine Computer Weekly, says: ‘It’s impossible to say this won’t happen somewhere else. The banks all use similar methods to process people’s transactions.
‘However, the problems at RBS are certainly a wake-up call to the other banks to make sure they have contingency plans in place around what they might consider to be routine operations.’
Many banks also have outdated computer systems. Experts warn there could be more problems in the pipeline when banks eventually pull the plug on these old computers.
In the meantime you can minimise the impact of a future meltdown by splitting your cash between different banks.
DON’T LET RBS LEAVE YOU OUT OF POCKET
You need to visit your branch. There are three numbers to call: 08457 77 77 66; 0161 931 9959; or 0800 656 9639 â€" the first two are charging numbers.
There will also be compensation forms on the RBS website, where you can apply to get money back.
If you have been affected, it’s also vital to keep a record of the costs you’ve racked up and any payments you’ve missed. This includes interest on overdrafts, phone charges and any other penalties. Keep a record of any rent or mortgage payments which should have gone through.
In case the bank decides to offer compensation, you should also kee p a note of any inconvenience or distress you’ve suffered.
If your problem isn’t resolved with a branch visit, lodge a formal complaint with RBS. If the bank fails to solve your problem with eight weeks, take your complaint to the Financial Ombudsman Service.
MISSING MONEY MAYÂ BE GONE FOR DAYS
RBS has promised to restore all missing payments in the next few days. But that doesn’t mean you shouldn’t carefully monitor your account, RBS said it would give cash payments of up to £300 to those who could make it to the bank and prove it was their payday.
This money will be deducted from your account. But if it takes you into your overdraft, interest will be waived for a month.
NatWest, RBS or Mint creditcard holders can also spend £100 over their limit and postpone paying the interest until next month.
The bank says it will also automatically refund any charges or credit card penalties.
If a ny charges slip through the net, contact the bank immediately.
If your employer still hasn’t paid you because they bank with RBS, ask them for help.
Readers overseas have been left struggling to get help.
Nicky Cockburn, from Cockermouth, Cumbria, says she is furious with RBS after her daughter Casey, 21, ran out of money while on holiday in Santorini, Greece.
Miss Cockburn had headed off on holiday with friends to celebrate graduating with a degree in criminology from Liverpool John Moores University. She had saved wages from a holiday job waitressing, but the chaos at NatWest meant she was unable to access her cash. Mrs Cockburn says: ‘I am furious with RBS. This should have been a holiday to remember for Casey as reward for years of study. Instead, she has had to make do with the little bits of cash she took with her.’
STAY ALERT FOR ANY UNFAIR CHARGES
Millions of customers of other High Street banks face charges because of the RBS chaos.
They may have been expecting a payment from someone with an RBS account, regular transfer money between two of their own, or have a credit card with a non-RBS bank.
But when the money didn’t materialise and cash was taken from their account at the other bank, they may have gone overdrawn.
Those with credit cards may get late payment penalties, and even have special offers â€" such as interest-free periods â€" cancelled.
RBS has pledged to review more complex cases as quickly as possible. If you have run up charges with a company and not a bank â€" for example estate agents’ fees from a failed house sale â€" you should contact the bank immediately.
You should also contact your own bank, which will cover charges from late payments.
Take evidence that a payment was delayed by RBS.
YOUR DISTRESS MAY GET YOU NOTHING
You definitely won’t be left out of pocket â€" but RBS has not yet said whether it will pay compensation for distress and inconvenience.
It also won’t confirm whether its millions of customers who pay up to £155 a year for a packaged account will have fees waived.
Gary Greenwood, of analyst Shore Capital, reckons if just one in every 100 RBS customers claimed £500 compensation, RBS would be left with an £85 million bill.
Add on the overtime bill for staff and the cost comes to £100 million.
FIGHT BLACK MARKS ON YOUR CREDIT RECORD
Your credit file is a record of all the payments you make with different organisations. It tells companies and other banks whether you are a reliable payer. Banks use this information when approving loans, credit cards and mortgages.
Money Mail would like RBS to pay for, or at the very least, refund the cost of a credit check for its customers who fear they may have gone into the red. RBS says i t is working with the major credit agencies to make sure customers who miss vital payments or go into the red because of crisis are not penalised.
A basic check with one of the leading agencies Experian, Equifax and Callcredit will cost you £2, but RBS says it will refund this fee.
Only a company that puts a black mark against your name can remove it, so you will need to go to them with proof that NatWest failed to make your payment. If they refuse to remove a late payment from your record, you can add an explanation to the report, called a Notice of Correction.
FOR CUSTOMERS WHO VOWED TO LEAVE
Many RBS customers have sworn to leave the bank after the latest chaos. Despite what most people believe, this is a relatively easy process.
Today, banks and building societies have strict rules to make switching easy. All you need to do is find an account you like, fill in an application and transfer form at that bank and provi de some proof of identity.
Your new bank is responsible for checking which payments you want moved across and sets them up. It will also pay for any charges incurred during the move.
Your balance will be transferred and your old account closed within ten days. Many banks offer cash incentives to switch â€" but you should only pick an account which suits your needs. Ask yourself these questions:
- Do you need local branches?
- Have you got an overdraft?Â
- Is customer service vital to you?Â
- Do you like perks?
For customer service, First Direct wins hands down, closely followed by Nationwide.
First Direct doesn’t suit everyone â€" it is run only online, though you can visit HSBC branches â€" and you must pay in £1,500 a month to avoid a £10 monthly charge.
However, Money Mail very rarely receives a complaint about the bank â€" and its call centres and online service are excellent.
Nationwide has the advantage of having around 800 branches. Its Flexaccount will give you free European travel insurance if you pay in £750 a month.
For perks, the new Santander 123 account is the best.
It charges £2 per month but pays cashback of 1 per cent on water and council tax bills, 2 per cent on gas and electricity bills and 3 per cent on communications bills (landline, broadband, TV etc).
It then also pays interest on balances of 1 per cent on balances above £1,000, 2 per cent above £2,000 and 3 per cent above £3,000.
The Cooperative Bank has one of the lowest overdraft charges at 15.90 per cent. However, this is to increase to 18.9 per cent from August.
Vital contact numbers
RBS: Visit any branch if you need to get emergency cash.
Or call 0161 931 9959, 08457 77 77 66 or 0800 656 9639. Or you can go online at rbs.co.uk, natwest.com, ulsterbank.co.uk
The Financial Ombudsman: Call 0800 023 4567 or go to financial-ombudsman. org.uk
Callcredit: 0845 366 0071 or go to callcredit.co.uk
Experian: 0844 481 8000 or go to experian.co.uk
Equifax: 0844 335 0550 or go to equifax.co.uk
I’ve lost tens of thousands of pounds
Margaret Jones f rom Ealing, West London, is waiting for tens of thousands of pounds from the sale of her late mother-in-law’s property.
The cash failed to arrive in their solicitor’s RBS account because of the chaos at the bank. Five days later, it still hasn’t appeared.
Despite regular checks and repeated efforts to go online and find out what had happened, she was unable to discover where the money had gone in the system. Mrs Jones, 65, says: ‘When the solicitor telephoned to warn us the money had failed to arrive, we were extremely nervous â€" it’s a lot of money to go missing.’
The delay threatened to scupper the sale of the property, as the money vanished on the day before the deal was due for completion. It was the last straw after a painful, long drawn-out property sale.
‘Without our solicitor’s help, we’d have been totally in the dark.’
My flat move is on hold
Sara Branch’s house move was almost w recked by the IT failure.
A property chain she was tied in to threatened to collapse because one buyer was an RBS customer, whose funds vanished.
Going nowhere: Sara Branch's move to a new property almost collapsed thanks to the IT blunder
Ms Branch, 49, is selling her house to move in to a rented flat and may lose her £2,000 deposit if the chain collapses.
The charity worker from Peterborough says: ‘RBS will refund its customers, but what about the people suffering indirectly?’
-
Devastated Rielle Hunter reveals she has SPLIT from John... -
RICHARD KAY: How Kate's curtsies hurt royal reform -
TSA agent opens jar of man's ashes, spills them on the... -
Woman paralysed after falling 20 feet from a tree while... -
Woman, 24, 'seduced boy, 15, in tanning room as his mom... -
Army wives strip off to show their support: Awareness... -
'He was found with blood and fur all over him': US man on... -
Hilarious moment dock collapses during wedding photo... -
'Rotting food, urine, and feces': Boy, 2, found locked in... -
California couple jailed in Ghana and their biological... -
How U.S. Army spent $5BILLION on 'failed' pixel... -
Camden, city of ruins: Depressing images of once-thriving...
Tidak ada komentar:
Posting Komentar